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Long seen as adversaries, banks and private credit lenders are getting used to working together
Fahy will also lead asset-based finance origination
Direct lending default rates tick higher amid notable distressed situations
A Swiss borrower has already closed books and Austria's Egger will soon
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Funds seek to free up capital to explore new frontiers -
Raiffeisen Bank International and ING Bank are the lead arrangers
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Excellion Capital acted as debt advisor to the company
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Direct lenders cannot entirely replace syndicated debt markets
